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Trading strategy for November 25, 2002

Hemen Kapadia/Morpheus Inc

Sensex
Last Close: 3141.61
Support: 3101, 3007
Resistance: 3210, 3320

Trading Range: The Sensex opened at 3121.17, moved up to an intra-day high of 3162.66, declined to an intra-day low of 3121.17 and closed at 3141.61.

Review/Outlook: The Sensex has faced some selling pressure at higher levels and has come off slightly from its intra-day high. A cautious approach is needed as the Sensex has formed its 4th gap on Friday while an intra-day decline below the 3135 level cannot be ruled out.

Apollo Hospitals
Last Close: 103.60
Support: 99, 93
Resistance: 105, 111

Trading Range: The scrip opened at 100.10, moved up to an intra-day high of 105.50, declined to an intra-day low of 099.10 and closed at 103.60.

Review/Outlook: The scrip has sprung back to life after a 43 trading session (sideways movement) consolidation phase. This obviously has bullish implications not only for the short term but also for the medium term.

ITC
Last Close: 634.45
Support: 592, 541
Resistance: 665, 729

Trading Range: The scrip opened at 631.00, moved up to an intra-day high of 638.40, declined to an intra-day low of 631.00 and closed at 634.45.

Review/Outlook: The scrip has finally overcome resistance from the 10 day average after some effort. The oscillators are a picture of strength and the scrip is showing signs of life on the intra-day charts indicating scope for appreciation barring some resistance from the 55 day average which is currently placed at 639.13.

MTNL
Last Close: 103.55
Support: 103, 095
Resistance: 115, 124

Trading Range: The scrip opened at 101.10, moved up to an intra-day high of 105.00, declined to an intra-day low of 099.10 and closed at 103.55.

Review/Outlook: The scrip has bounced back after taking support on the 10 day average and closed in positive territory. The oscillators seem to be supporting the move and further appreciation cannot be ruled out.

Tata Tea
Last Close: 161.65
Support: 158, 152
Resistance: 163, 170

Trading Range: The scrip opened at 159.50, moved up to an intra-day high of 162.50, declined to an intra-day low of 158.50 and closed at 161.65.

Review/Outlook: The scrip has corrected its recent sharp rise by a minor cool off during the past couple of trading sessions. Friday's recovery and the subsequent close in positive territory indicates scope for further appreciation.

Stock Track

Scrip Support Last Close Resistance Trend ACC 153, 148 153.50 165, 175 Up HLL 163, 155 163.30 172, 183 Tu INFOSYS 4360, 3977 4619.00 4816, 5600 Up ITC 592, 541 634.45 665, 729 Tu MTNL 103, 95 103.55 115, 124 Tu RIL 269, 242 284.35 298, 324 Up SATYAM 253, 224 271.15 301, 345 Tu SBI 248, 235 248.15 258, 276 Tu TELCO 148, 135 161.70 166, 186 Tu TISCO 131, 125 133.25 139, 150 Tu GLOSSARY : CMP - Current Market Price, MACD - Moving Average Convergence Divergence, RMI - Relative Momentum Index, RSI - Relative Strength Index, ROC - Rate of Change, EMA - Exponential Moving Average, CMP - Current Market Price, Cls - Closing Price, Support - Level where buying can be expected, Resistance - Level where selling can be expected, Tu - Turning Upwards, Td - Turning Downwards, Sd - Sideways, Up - Uptrend, Dt -Downtrend. DISCLAIMER : While efforts have been made to ensure the accuracy of the information provided in this content, the authors shall not be held responsible for any loss, harm or injury arising in any manner whatsoever, including those arising directly, indirectly, consequentially or otherwise and whether financial, mental or otherwise, caused to any person whatsoever who accesses or uses or is supplied with the content (consisting of articles, information, analyses, etc.) provided at this site or who otherwise relies on such content. Readers are advised to cross verify the information and to also seek professional and expert advice before taking any decision based on the content provided above or acting on any recommendations made herein. The information or opinions provided herein are not a substitute for professional advice.

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